China Inflation March 2017


China: Inflation inches up in March from February's over two-year low

April 12, 2017

In March, consumer prices in China fell 0.3% from the previous month, following February’s 0.2% decrease. The reading mainly reflected a sharp decline in prices for food, tobacco and liquors and to a lesser extent in transportation and communication and education, culture and recreation.

Inflation rose from February’s 0.8% to 0.9% in March, coming below the 1.0% that market analysts had expected. February’s print had marked the lowest rate since January 2015. Annual average inflation fell from February’s 1.9% to 1.8% in March, marking a six-month low.

Meanwhile, producer inflation declined from February’s 7.8% to 7.6% in March. March’s print represented the first deceleration in producer inflation since September 2015. The print was above the 7.5% that the markets had expected. The annual average variation of the producer price index rose from February’s 0.8% to 1.8% in March, which represented the highest reading since July 2012.

FocusEconomics Consensus Forecast participants expect that consumer inflation will average 2.3% in 2017, which is up 0.1 percentage points from last month’s estimate. In 2018, the panel sees consumer inflation stable at 2.3%. Meanwhile, the panel expects producer inflation to be 4.2% in 2017, which is up 0.9 percentage points from last month’s projection. In 2018, panelists see producer inflation at 1.7%.

Author: Ricard Torné, Lead Economist

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China Inflation Chart

China Inflation March 2017

Note: Year-on-year and annual average variation of consumer price index in %.
Source: National Bureau of Statistics of China (NBS).

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